Oil jumps above $83 as Iran weighs Hormuz ban on US, Israeli ships
Why it matters: Brent climbed nearly 4% and a fifth of global oil and LNG flows normally pass through the strait.
Oil prices rose sharply after reports that Iran is reviewing a bill that would bar US and Israeli vessels from the Strait of Hormuz and fine violators up to 20% of cargo value. Brent crude traded above $83 a barrel and US West Texas Intermediate neared $79 after futures settled more than $3 higher on Thursday. The proposal, reported by Fars, is part of an Iran-Oman framework tied to reopening the waterway after months of disruption since the war began in February. The Strait of Hormuz normally carries about one-fifth of global oil and liquefied natural gas shipments. The measure is now under review in Iran’s Parliament, while industry sources cited sanctions and insurance limits as obstacles to any fees or transit rules.
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Earlier in this story
- 1 hour agoOil jumps above $83 as Iran weighs Hormuz ban on US, Israeli shipsreading now
- 4 hours agoU.S., Iran near accord to reopen Strait of Hormuz this week
- 8 hours agoIran, Oman near Hormuz shipping deal that shifts lanes to Tehran
- 9 hours agoIran, Oman near deal on new Strait of Hormuz shipping lane
- 17 hours agoTrump gives Iran ultimatum: sign deal or face blockade
- 35 hours agoOil rises as Houthis claim strike on Saudi tanker near Yanbu
- Aug 5Brent drops below $80 as Hormuz reopening talks gather pace
- Aug 5Brent drops 5% below $80 as Hormuz talks raise supply hopes
- Aug 5Oil drops about 5% as US-Iran Hormuz deal hopes build
- Aug 4Ship attack in Hormuz clouds US-Iran push to reopen oil route
- Aug 4Trump claims new US-Iran talks begin Monday afternoon